As evident from the large differences in the risk spreads and in the degree of access to international capital markets of different emerging-market economies, investors have continued to differentiate between borrowers with respect to risks and returns. In recent years many of the East Asian economies that had enjoyed high sovereign ratings and low spreads did not resort to international bond markets in view of their comfortable balance-of-payments positions.
Como se deduce de las grandes diferencias que se observan en los márgenes y el grado de acceso a los mercados internacionales de capitales de los distintos países de economía de mercado emergente, los inversores han seguido diferenciando entre los prestatarios en lo que respecta a los riesgos y el rendimiento.